Great Lakes Advisors LLC Cuts Stock Position in CNX Resources Co. (NYSE:CNX)

Great Lakes Advisors LLC trimmed its position in shares of CNX Resources Co. (NYSE:CNX) by 4.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 421,308 shares of the oil and gas producer’s stock after selling 19,866 shares during the period. Great Lakes Advisors LLC owned about 0.28% of CNX Resources worth $15,449,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Principal Securities Inc. increased its stake in shares of CNX Resources by 38.5% during the fourth quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer’s stock worth $91,000 after buying an additional 691 shares during the period. Blue Trust Inc. increased its stake in shares of CNX Resources by 65.1% during the fourth quarter. Blue Trust Inc. now owns 3,246 shares of the oil and gas producer’s stock worth $119,000 after buying an additional 1,280 shares during the period. Heck Capital Advisors LLC purchased a new stake in shares of CNX Resources during the fourth quarter worth approximately $121,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of CNX Resources during the third quarter worth approximately $205,000. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in shares of CNX Resources during the third quarter worth approximately $209,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

CNX Resources Price Performance

CNX stock opened at $29.19 on Thursday. The company has a market capitalization of $4.34 billion, a P/E ratio of -42.92, a PEG ratio of 0.42 and a beta of 1.26. CNX Resources Co. has a twelve month low of $21.07 and a twelve month high of $41.93. The business has a 50 day simple moving average of $29.81 and a 200-day simple moving average of $32.91. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. As a group, equities analysts anticipate that CNX Resources Co. will post 2.18 EPS for the current year.

Insider Activity

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the sale, the insider now directly owns 13,925,000 shares of the company’s stock, valued at $432,928,250. This trade represents a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.65% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Roth Capital set a $30.00 target price on shares of CNX Resources in a research note on Thursday, January 23rd. TD Cowen began coverage on shares of CNX Resources in a research note on Wednesday, January 15th. They issued a “hold” rating and a $27.00 price target on the stock. Raymond James upgraded shares of CNX Resources from an “underperform” rating to a “market perform” rating in a research note on Tuesday, February 18th. Truist Financial increased their price target on shares of CNX Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Finally, StockNews.com lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Thursday, February 13th. Nine equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $29.69.

About CNX Resources

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.